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Legislation to expedite LGDF monies gains momentum

May 29, 2014 | Legislative briefs

The IGFOA Legislative Committee advises members that Senate Amendment 1 to HB 961 is slated for third reading. This bill would amend the State Revenue Sharing Act and the Illinois Income Tax Act. Provides that the transfers from the General Revenue Fund to the Local Government Distributive Fund must be made no later than 60 days after the State Treasurer receives the certification of the amounts from the Department of Revenue. The Illinois Municipal League advises, "This means that cities and counties would receive their LGDF distributions more promptly because the state would be required to transfer the revenue within 60 days." Read more at http://iml.org/page.cfm?key=10918

Update - this bill passed both Houses of the Illinois General Assembly and is being sent to the Governor for approval. (6/2/13)

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